Benchmark 2024-V7 Trust Files 10-K, Highlights Servicing Compliance

TL;DR

**This CMBS trust's 10-K is a compliance-heavy, finance-light filing, signaling stable operations but leaving investors hungry for performance data.**

AI Summary

The Benchmark 2024-V7 Mortgage Trust, a non-accelerated filer, submitted its 10-K for the fiscal year ended December 31, 2025, confirming compliance with all Section 13 or 15(d) filing requirements. The trust is a securitization vehicle for commercial mortgage-backed securities, with no significant obligors or external credit enhancements, derivative instruments, or other support for its certificates. Key mortgage loans within the pool include the Prime Storage - Hudson Valley Portfolio (approximately 7.0% of initial pool balance), GNL Industrial Portfolio (approximately 4.9%), 620 W 153rd Street (approximately 1.2%), Garden State Plaza (approximately 3.7%), and Columbus Business Park (approximately 1.7%). Servicing for these loans is handled by various entities under specific Pooling and Servicing Agreements (PSAs) or Trust and Servicing Agreements (TSAs), such as Benchmark 2024-V6 PSA, BMO 2024-5C4 PSA, NJ 2023-GSP TSA, and Benchmark 2024-V9 PSA. The report omits detailed financial statements, risk factors, and management's discussion, focusing instead on compliance with Regulation AB servicing criteria and related exhibits.

Why It Matters

This 10-K filing provides crucial transparency for investors in the Benchmark 2024-V7 Mortgage Trust, a commercial mortgage-backed securities (CMBS) vehicle. While it omits detailed financial performance, the focus on servicing compliance under Regulation AB is vital for assessing operational integrity and potential risks related to loan administration. The disclosure of specific mortgage loans like Prime Storage - Hudson Valley Portfolio (7.0% of initial pool balance) and Garden State Plaza (3.7%) allows investors to understand the underlying collateral and the multiple servicers involved, such as Midland Loan Services and Argentic Services Company LP. This level of detail helps investors gauge the stability of the trust's income stream and the effectiveness of its servicing infrastructure, especially in a competitive real estate financing market where efficient loan management is paramount.

Risk Assessment

Risk Level: low — The risk level is low because the filing indicates full compliance with SEC reporting requirements and Regulation AB servicing criteria. There are no significant obligors, external credit enhancements, or derivative instruments, simplifying the trust's structure. The report also states that the registrant knows of no material legal proceedings against any key parties, including sponsors, depositor, or servicer, further reducing immediate operational and legal risks.

Analyst Insight

Investors should note the absence of detailed financial performance data in this 10-K, which is typical for a pass-through CMBS trust. Focus on the servicing reports and compliance statements to ensure the underlying mortgage loans are being managed effectively, as this directly impacts cash flow and investor returns. Monitor the performance of the specific large loans mentioned, such as Prime Storage - Hudson Valley Portfolio, for any future indicators of stress.

Key Numbers

• 7.0% — Prime Storage - Hudson Valley Portfolio mortgage loan (percentage of initial pool balance)
• 4.9% — GNL Industrial Portfolio mortgage loan (percentage of initial pool balance)
• 1.2% — 620 W 153rd Street mortgage loan (percentage of initial pool balance)
• 3.7% — Garden State Plaza mortgage loan (percentage of initial pool balance)
• 1.7% — Columbus Business Park mortgage loan (percentage of initial pool balance)
• 2025-12-31 — Fiscal year end (date of the annual report)
• 333-262701-06 — Commission file number (identifies the issuing entity)

Key Players & Entities

• Benchmark 2024-V7 Mortgage Trust (company) — issuing entity
• Citigroup Commercial Mortgage Securities Inc. (company) — depositor
• Citi Real Estate Funding Inc. (company) — sponsor
• German American Capital Corporation (company) — sponsor
• Goldman Sachs Mortgage Company (company) — sponsor
• Bank of Montreal (company) — sponsor
• Barclays Capital Real Estate Inc. (company) — sponsor
• Prime Storage - Hudson Valley Portfolio (dollar_amount) — 7.0% of initial pool balance
• GNL Industrial Portfolio (dollar_amount) — 4.9% of initial pool balance
• Garden State Plaza (dollar_amount) — 3.7% of initial pool balance

FAQ

Risk Factors

• Servicing Disruption [medium — operational]: The trust relies on various servicers, including Benchmark 2024-V6 PSA, BMO 2024-5C4 PSA, NJ 2023-GSP TSA, and Benchmark 2024-V9 PSA, for its mortgage loans. A disruption in servicing operations by any of these entities could impact the timely collection of payments and the overall performance of the trust's assets.
• Concentration Risk in Mortgage Pool [medium — financial]: The mortgage pool exhibits concentration risk, with the Prime Storage - Hudson Valley Portfolio representing approximately 7.0% of the initial pool balance. Significant defaults or underperformance in this or other large loan concentrations could materially affect the trust's cash flows and certificate values.
• Interest Rate Sensitivity [medium — market]: As a mortgage-backed securities trust, the value and performance of its underlying assets are sensitive to changes in interest rates. Fluctuations in interest rates can impact prepayment speeds and the overall yield on the mortgage loans, affecting the returns to certificate holders.
• Compliance with Regulation AB [low — regulatory]: The trust's filing focuses on compliance with Regulation AB servicing criteria. Failure to meet these servicing standards, as outlined in the Pooling and Servicing Agreements (PSAs) or Trust and Servicing Agreements (TSAs), could lead to regulatory scrutiny and potential penalties.

Industry Context

The commercial mortgage-backed securities (CMBS) market involves pooling various commercial real estate loans to create investment securities. Key trends include evolving interest rate environments impacting loan performance and investor demand, and the ongoing importance of robust servicing and risk management practices. The sector is characterized by specialized servicers and complex legal agreements governing asset management.

Regulatory Implications

Benchmark 2024-V7 Mortgage Trust's focus on compliance with Regulation AB servicing criteria underscores the importance of adhering to SEC disclosure and operational standards for asset-backed securities. Any deviations could lead to increased regulatory scrutiny and potential investor concerns regarding transparency and risk management.

What Investors Should Do

1. Review underlying loan performance
2. Assess servicer stability
3. Monitor interest rate sensitivity

Key Dates

• 2025-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing, providing the latest financial and operational data for the trust.

Glossary

Non-accelerated filer

A type of filer with the SEC that is not required to provide the same level of disclosures as larger, accelerated filers, often due to smaller public float. (Indicates that Benchmark 2024-V7 Mortgage Trust has fewer disclosure obligations, explaining the omission of certain detailed financial sections.)

Securitization vehicle

An entity created to pool assets, such as mortgages, and issue securities backed by those assets to investors. (Defines the core function of Benchmark 2024-V7 Mortgage Trust as a conduit for mortgage-backed securities.)

Pooling and Servicing Agreement (PSA)

A legal contract that governs the terms under which mortgage loans are pooled together and serviced for a securitization trust. (Specifies the operational framework and servicing responsibilities for the mortgage loans within the trust, naming specific PSAs like Benchmark 2024-V6 PSA.)

Regulation AB

A set of SEC rules that govern the disclosure requirements for asset-backed securities, including servicing criteria. (The trust's filing explicitly addresses compliance with Regulation AB servicing criteria, highlighting its importance for investor confidence and regulatory adherence.)

Year-Over-Year Comparison

This filing for the fiscal year ended December 31, 2025, appears to be the initial 10-K for Benchmark 2024-V7 Mortgage Trust, as it focuses on compliance with Regulation AB servicing criteria and lists key mortgage loans without comparative financial data. Therefore, a direct comparison of revenue growth, margin changes, or new risks against a prior year's filing is not possible based on the provided information.

Filing Documents

• bmk24v07_10k-2025.htm (10-K) — 104KB
• bmk24v07_31.htm (EX-31) — 6KB
• bmk24v07_33-1.htm (EX-33.1) — 172KB
• bmk24v07_33-2.htm (EX-33.2) — 142KB
• bmk24v07_33-3.htm (EX-33.3) — 992KB
• bmk24v07_33-4.htm (EX-33.4) — 1420KB
• bmk24v07_33-5.htm (EX-33.5) — 3113KB
• bmk24v07_33-7.htm (EX-33.7) — 177KB
• bmk24v07_33-8.htm (EX-33.8) — 597KB
• bmk24v07_33-12.htm (EX-33.12) — 290KB
• bmk24v07_34-1.htm (EX-34.1) — 9KB
• bmk24v07_34-2.htm (EX-34.2) — 8KB
• bmk24v07_34-3.htm (EX-34.3) — 693KB
• bmk24v07_34-4.htm (EX-34.4) — 11KB
• bmk24v07_34-5.htm (EX-34.5) — 11KB
• bmk24v07_34-7.htm (EX-34.7) — 9KB
• bmk24v07_34-8.htm (EX-34.8) — 7KB
• bmk24v07_34-12.htm (EX-34.12) — 9KB
• bmk24v07_35-1.htm (EX-35.1) — 113KB
• bmk24v07_35-2.htm (EX-35.2) — 128KB
• bmk24v07_35-3.htm (EX-35.3) — 999KB
• 0001888524-26-006561.txt ( ) — 9011KB

Selected Financial Data

Selected Financial Data. Omitted. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Omitted. Item 7A. Quantitative and Qualitative Disclosures About Market Risk. Omitted. Item 8.

Financial Statements and

Financial Statements and Supplementary Data. Omitted. Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. Omitted. Item 9A.

Controls and Procedures

Controls and Procedures. Omitted. Item 9B. Other Information. None. Item 9C. Disclosure regarding Foreign Jurisdictions that Prevent Inspections. Not applicable. PART III Item 10. Directors, Executive Officers and Corporate Governance. Omitted. Item 11.

Executive Compensation

Executive Compensation. Omitted. Item 12.

Security Ownership of

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. Omitted. Item 13. Certain Relationships and Related Transactions, and Director Independence. Omitted. Item 14. Principal Accounting Fees and Services. Omitted. ADDITIONAL DISCLOSURE ITEMS FOR REGULATION AB Item 1112(b) of Regulation AB, Significant Obligor Financial Information. With respect to the pool assets for Benchmark 2024-V7 Mortgage Trust, there are no significant obligors within the meaning of Item 1101(k) of Regulation AB. Item 1114(b)(2) of Regulation AB, Significant Enhancement Provider Financial Information. No entity or group of affiliated entities provides any external credit enhancement, uses any derivative instruments or other support for the certificates within this transaction. Item 1115(b) of Regulation AB, Certain Derivatives Instruments (Financial Information). No entity or group of affiliated entities provides any external credit enhancement, uses any derivative instruments or other support for the certificates within this transaction. Item 1117 of Regulation AB, Legal Proceedings. The registrant knows of no legal proceeding pending against the sponsors, depositor, trustee, issuing entity, servicer contemplated by Item 1108(a)(3) of Regulation AB, originator contemplated by Item 1110(b) of Regulation AB, or other party contemplated by

(d)(1) of Regulation AB, or of which any property of the foregoing is

Item 1100(d)(1) of Regulation AB, or of which any property of the foregoing is the subject, that is material to security holders. Item 1119 of Regulation AB, Affiliations and Certain Relationships and Related Transactions. Provided previously in the prospectus of the Registrant relating to the issuing entity and filed on May 24, 2024 pursuant to Rule 424(b)(2) of the Securities Act of 1933, as amended. Item 1122 of Regulation AB, Compliance with Applicable Servicing Criteria. The reports on assessment of compliance with the servicing criteria for asset-backed securities and the related attestation reports on such assessments of compliance are attached hereto under Item 15. Item 1123 of Regulation AB, Servicer Compliance Statement. The servicer compliance statements are attached hereto under Item 15. PART IV Item 15. Exhibits, Financial Statement Schedules. (a) List the following documents filed as part of the report: (1) Not Applicable (2) Not Applicable (3) Exhibits listed below are either included or incorporated by reference as indicated below: (4.1) Pooling and Servicing Agreement, dated as of May 1, 2024 ("Benchmark 2024-V7 PSA"), among Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, A Division of PNC Bank, National Association, as master servicer, K-Star Asset Management LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, and Computershare Trust Company, National Association, as certificate administrator and as trustee (filed as Exhibit 4.1 to the registrant's Current Report on Form 8-K/A dated May 30, 2024, and filed on May 30, 2024 under Commission File No. 333-262701-06, and is incorporated by reference herein). (4.2) Pooling and Servicing Agreement, dated as of March 1, 2024 ("Benchmark 2024-V6 PSA"), among GS Mortgage Securities Corporation II, as depositor, Midland Loan Services, A Division of PNC Bank, National Association,

SIGNATURES

SIGNATURES Pursuant to the

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View this 10-K filing on SEC EDGAR